Meta’s quarterly profit more than doubled – Kommersant
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Revenue from Meta Corporation (recognized as extremist and banned in the Russian Federation) in the third quarter increased by 23%, to $34.1 billion. Net profit increased by 160%, amounting to $11.6 billion. These results were better than forecasts; Meta shares rose by 4% after trading closed on Wednesday. Since the beginning of the year, the company’s shares have risen 140% – after a sharp decline last year.
Meta’s strong quarterly results were primarily due to the recovery in digital advertising revenue: viewership increased by 31% and average ad price decreased by 6%, the smallest decline in two years. Earlier, Alphabet and Snap also reported improved advertising revenue.
In addition, cost reductions, which Meta CEO Mark Zuckerberg spoke about, began to have an impact announced last year. Since then, the corporation has laid off 21 thousand employees. In the third quarter, it managed to reduce costs by 7%, to $20.4 billion. “Perhaps the company is starting to get out of problems, since (it.— ”b”) continues to focus on improving operational efficiency,” said Jesse Cohen, senior analyst at Investing.com. He noted that this is Meta’s most profitable quarter in recent years.
Why did the US authorities declare a full-scale war Meta – in material “Kommersant”.
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